Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1600 N Randall Rd Elgin, IL 60102

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Custom suites near Advocate Sherman Hospital with tenant improvement allowance.

    Property size:
    5,458 SF
    Lot size:
    6.07 Acres

    Property Features for 1600 N Randall Rd

    General Information

    Size
    5,458 SF
    Lot size
    6.07 Acres

    We can help!

    Listing Contact
    Olivia Czyzynski
    Olivia Czyzynski
    Source: Moodyscre

    Listing Agency: SPERRY VAN NESS Listing Agent: Olivia Czyzynski

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Elgin Medical/Office Space For Lease

    This property offers custom-designed suites with a generous tenant improvement allowance. Contiguous floor plates are available up to 20,399 square feet. A shared tenant conference room is available at no charge. Reserved parking is provided for physicians. Monument signage opportunities are available at Randall & Alft Rd. The location offers proximity to many restaurants and shopping options, with an excellent daytime population. It is located directly across from Advocate Sherman Hospital (0.4 miles), 2.6 miles to AMITA Health St. Joseph Hospital, 10 miles to AMITA Health St. Alexius Hospital and 13.5 miles to Northwestern Delnor Hospital. The property is located ¼ mile from Full I-90 Interchange, at the signalized intersection of Randall and Alft Roads. The property is suitable for medical offices and general office use.
    Location Intelligence

    Current Use by Public Records

    Northwestern Medicine Endocrinology ... Physician Comprehensive Urologic Care Medical Clinic Cranial Technologies Orthotics & Prosthetics Service 1600 Randall Road ... Real Estate Agency Suburban Orthopaedics Medical Clinic

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Hair Salon Big Box & Wholesale Store Auto Repair Shop Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elgin
    County
    Cook
    State
    Illinois
    Longitude
    -88.3367389
    Latitude
    42.0744276

    Nearby Similar for Lease

    • Contact for pricing

      Downtown Elgin Office Suites Available

      Office suites in downtown Elgin with utilities and internet included.
      77 S Riverside Dr, Elgin, IL 60120
      View Details
    • New
      Contact for pricing

      Elgin Office Space For Rent

      High-visibility office suite near Advocate Sherman Hospital and I-90.
      2400 Big Timber Rd, Elgin, IL 60124
      View Details
    • Contact for pricing

      Professional Office Space in Elgin

      Well-maintained office building with spacious, green features and ample parking.
      1750 Grandstand Pl, Elgin, IL 60123
      View Details
    • Contact for pricing

      Elgin Commercial Space For Rent

      Former bar space available in downtown Elgin, ready for occupancy.
      76 S Grove Ave, Elgin, IL 60120
      View Details
    • Contact for pricing

      Elgin Retail/Office Space Available

      High visibility office/retail space north of Rt 20 interchange.
      333 S Mclean Blvd, Elgin, IL 60123
      View Details
    • Contact for pricing

      Unique Office Space in Elgin

      Distinctive office space with lighthouse-style structure, ideal for small businesses.
      2000 Larkin Ave, Elgin, IL 60123
      View Details
    • Contact for pricing

      Downtown Elgin Office Space Available

      Office spaces for lease in downtown Elgin, Illinois.
      80 S Grove Ave, Elgin, IL 60120
      View Details
    • Contact for pricing

      Elgin Office/Retail Space Available

      First floor office/retail space in a busy commercial area.
      85 Market St, Elgin, IL 60123
      View Details
    • Contact for pricing

      Elgin Warehouse on Rt. 31

      Warehouse space with high visibility on Route 31 in Elgin.
      565 N State St, Elgin, IL 60123
      View Details
    • Contact for pricing

      Elgin Office Space For Rent

      Office space in a busy commercial area on Elgin's west side.
      85 Market St, Elgin, IL 60123
      View Details
    • Contact for pricing

      Elgin Office Suite For Rent

      Professional office suite in high-traffic commercial district, ideal for various businesses.
      1 American Way, Elgin, IL 60120
      View Details
    • Contact for pricing

      Elgin Office Units For Rent

      Office units available, various sizes, good visibility, ample parking.
      217 N Mclean Blvd, Elgin, IL 60123
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Custom suites near Advocate Sherman Hospital with tenant improvement allowance.
    Where is this medical office space located?
    The property is located at 1600 N Randall Rd Elgin, IL.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: - Directly across from Advocate Sherman Hospital (0.4 miles); - Custom Designed Suites Offered with generous TI Allowance; - **Contiguous Floor Plates Up To 20,399 SF**
    (312) 676-1862 Call to check price and availability
    Request Owner's contact information
    1600 N Randall Rd Elgin, IL 60102
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1600 N Randall Rd
    Elgin, IL 60102
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1600 N Randall Rd Elgin, IL 60102
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Olivia Czyzynski
    Olivia Czyzynski
    Real Estate License ID: 475146577
    (312) 676-1862 (312) 676-1866
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!